(Click the icon to view the unadjusted and adjusted trial balances.) Requirements 1. Make the adjusting entries that account for the differences between the two trial balances. 2. Compute Peachtree Apartments Inc.'s total assets, total liabilities, total equity, and net income. Prove your answer with the accounting equation. Requirement 1. Make the adjusting entries that account for the differences between the two trial balances. The first difference occurs in the Accounts Receivable account. Record the adjustment to Accounts Receivable and the related account. (Record debits first, then credits. Enter explanations on the last line.) Journal Entry Date Accounts Debit Credit April 30

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Peachtree Apartments Inc.'s unadjusted and adjusted trial balance at April 30, 2020, follow:
E (Click the icon to view the unadjusted and adjusted trial balances.)
Requirements
1. Make the adjusting entries that account for the differences between the two trial balances.
2. Compute Peachtree Apartments Inc.'s total assets, total liabilities, total equity, and net income. Prove your answer with the accounting equation.
Requirement 1. Make the adjusting entries that account for the differences between the two trial balances.
The first difference occurs in the Accounts Receivable account. Record the adjustment to Accounts Receivable and the related account. (Record debits first, then credits. Enter explanations on the last line.)
Journal Entry
Date
Accounts
Debit
Credit
April
30
Choose from any list or enter any number in the input fields and then click Check Answer.
Check Answer
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8.
2:29 AM
2/5/2021
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F8
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F9
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Transcribed Image Text:Peachtree Apartments Inc.'s unadjusted and adjusted trial balance at April 30, 2020, follow: E (Click the icon to view the unadjusted and adjusted trial balances.) Requirements 1. Make the adjusting entries that account for the differences between the two trial balances. 2. Compute Peachtree Apartments Inc.'s total assets, total liabilities, total equity, and net income. Prove your answer with the accounting equation. Requirement 1. Make the adjusting entries that account for the differences between the two trial balances. The first difference occurs in the Accounts Receivable account. Record the adjustment to Accounts Receivable and the related account. (Record debits first, then credits. Enter explanations on the last line.) Journal Entry Date Accounts Debit Credit April 30 Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer 8 parts remaining Clear All 8. 2:29 AM 2/5/2021 PrtScn F8 Home F9 End F10 PgUp F11 PgDn F12 DII Esc F4 F5 F6 F7 FT F2 F3 2 5 € 6 0. E T Y w/
ed trial balance a
djusted trial bal
Peachtree Apartments Inc.
fferences betwee
s, total liabilities,
Adjusted Trial Balance
April 30, 2020
count for the differ
Trial Balance
Adjusted Trial Balance
ple account. Reco
Account Title
Debit
Credit
Debit
Credit
planations on the las
Cash
Entry
8,400
2$
8,400
Accounts receivable
6,900
7,200
Interest receivable
500
Note receivable
3,700
3,700
Supplies
930
400
Prepaid insurance
2,600
700
Building
66,900
66,900
Accumulated depreciation
2$
15,600
24
17,700
Accounts payable
6,500
6,500
Wages payable
100
Unearned rental revenue
1,300
600
Share capital
18,300
18,300
Retained earnings
42,900
42,900
Print
Done
input fields and
Retained earnings
42,900
42,900
Dividends
2,670
2,670
Rental revenue
9,500
10,500
500
Interest revenue
Wages expense
1,500
1,600
1,900
Insurance expense
2,100
Depreciation expense
280
280
Property tax expense
530
Supplies expense
220
220
Utilities expense
$ 94,100 $
94,100 $
97,100 $
97,100
Total
Print
Done
%24
Transcribed Image Text:ed trial balance a djusted trial bal Peachtree Apartments Inc. fferences betwee s, total liabilities, Adjusted Trial Balance April 30, 2020 count for the differ Trial Balance Adjusted Trial Balance ple account. Reco Account Title Debit Credit Debit Credit planations on the las Cash Entry 8,400 2$ 8,400 Accounts receivable 6,900 7,200 Interest receivable 500 Note receivable 3,700 3,700 Supplies 930 400 Prepaid insurance 2,600 700 Building 66,900 66,900 Accumulated depreciation 2$ 15,600 24 17,700 Accounts payable 6,500 6,500 Wages payable 100 Unearned rental revenue 1,300 600 Share capital 18,300 18,300 Retained earnings 42,900 42,900 Print Done input fields and Retained earnings 42,900 42,900 Dividends 2,670 2,670 Rental revenue 9,500 10,500 500 Interest revenue Wages expense 1,500 1,600 1,900 Insurance expense 2,100 Depreciation expense 280 280 Property tax expense 530 Supplies expense 220 220 Utilities expense $ 94,100 $ 94,100 $ 97,100 $ 97,100 Total Print Done %24
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